Are you buying land with easy access?
How will you get to the property? If it’s on a main public road, you’ll likely have no problem.
Often, especially in rural areas, the only access to a piece of land is over someone else’s property. Without what is known as an “easement,” your property is considered landlocked.
Ensure that a right-of-way easement — essentially a right of passage — is granted, in writing, before you agree to buy the land. Otherwise, you won’t be able to access it by land, which could diminish its use and value.
A potentially fast way to find easement information is to check the plat map for the property. A copy of the plat map, which also shows the property boundaries and measurements, can be found at the county or city clerk or recorder’s office. However, plat maps and recorded easements can be confusing and complicated to understand, so speaking to an attorney or other professional in this area is highly recommended.
If there is no existing road to the property, you’ll need to factor the cost of building one into the purchase price.
Are there utilities on the property or will you have to install them?
In larger planned developments, the builder generally brings utilities, such as water, sewer, natural gas and electricity, to the lots.
In rural areas, however, buyers may need to go to greater lengths to connect to utilities. That could involve drilling a well, installing a septic system or digging trenches to connect with electricity or water. All are likely to be costly projects. Off-grid technologies can open up possibilities for power, water and waste disposal, but the cost and viability of those options should be considered.
Does your parcel have internet access?
Internet access also could be a major issue for people who need high speeds — or reliable access — for work-from-home situations. There are increasing numbers of work-around solutions, including accessing the internet via cellular service providers. However, home connection to an established provider tends to offer the most reliable service.
Get bids or estimates on any work that needs to be performed before you sign a purchase agreement, or have your real estate agent make your agreement contingent upon your acceptance of the bids or other due diligence investigation.